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GST Reporting: Common GST Errors & Misconception

REGISTRATION FOR THIS SEMINAR IS NOW CLOSED

Objectives

The Inland Revenue Authority of Singapore's (IRAS) annual report for financial year 2011/2012 pegs the total amount of GST collected at approximately S$8.7 billion, accounting for 22.6% of total tax collected. Of this, S$80m is attributed to GST audit efforts. It is also noteworthy that there is a 6% increase in taxes recovered from tax investigations, amounting to $68.2m, a significant portion of which we believe is from GST investigations.

GST audit and investigations are gaining momentum. The number of high profile GST cases recently reported in the press indicates a clear signal from the IRAS. Businesses have good reasons to start paying closer attention to their GST reporting to better manage an IRAS audit.

This seminar aims to address the misconceptions of GST reporting and common GST errors made by GST registered businesses (GRBs) with the aim of equipping GRBs with the knowledge to better manage GST risk and compliance.

Outline

Common GST errors & misconceptions (Sales)

Common GST errors & misconceptions (Purchases)

Ways to manage and reduce GST risk

Enhanced Voluntary Disclosure Program

What is Assisted Self Help Kit (ASK)

How to use ASK and its benefits

Who Should Attend

Personnel who act as preparers or approvers of the GST returns.

Trainer's Profile

Richard heads the GST Division in RSM Chio Lim LLP. He has more than 12 years of experience in GST with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC).